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AI-based Products, Mobile Apps Revive Market Growth during Coronavirus Outbreak

In order to address the coronavirus situation, Big Data and Artificial Intelligence (AI) are being successfully used.  The AI is being leveraged to monitor cases, identify disease clusters, and predict future outbreaks. Such trends are creating incremental opportunities for companies in the artificial intelligence market. Stakeholders are taking efforts to develop early warning systems by extracting information from social media platforms and news sites to provide useful information about vulnerable regions.

AI-based triage systems are being provided by companies in the artificial intelligence market. However, a relatively small amount of buyers is opting for such technologies. Thus, companies are focusing mainly on AI-based mobile health apps, smart watches, cameras, and wearable devices to revive market growth.

artificial intelligence market segmentation

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Educational Tools Help Avoid AI Singularity, Promote Productive Applications

The artificial intelligence market is expected to advance at an explosive CAGR of ~29% during the assessment period. However, high costs, lack of creativity in bots, and absence of ethics in the AI technology are raising concerns that AI could grow uncontrollably, leading to the well-known concept of AI singularity. Hence, companies are catering to productive applications for healthcare and education in order to use the technology for constructive purposes.

Companies are establishing stable business streams in AI-based educational tools to develop skills and testing systems. AI has the potential to drive efficiency, personalization, and streamline admin tasks to allow teachers the time and freedom to provide an understanding of complex learning concepts and adaptability in students.

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AI-enhanced Banking Security, Compliance Generate Revenue Opportunities for Companies

Banks are most likely to benefit from AI, as banking stakeholders are gaining opportunity to rethink approaches toward people and various processes. Chatbots or digital personal assistant are among the most popular AI software in the banking sector, which helps to answer FAQs (Frequently Asked Questions) of customers. Companies in the artificial intelligence market are providing AI-enhanced security since bank data is a goldmine of personal and confidential information.

On the other hand, banking compliance and financial forecasting, with the help of AI, are creating value grab opportunities for companies in the artificial intelligence market. Automating manual compliance in cases of Know Your Customer and Anti-Money Laundering (AML) are becoming customary in banking services.

Self-driving Cars, Retail Drive Computer Vision Technology

Computer vision, a subset of AI, is being used in self-driving automobiles. A recent and popular example of this is Elon Musk’s Tesla, which is exploiting computer vision at unprecedented levels for not only analyzing images but also individual pixels within the images. Carmakers are anticipated to use computer vision to conduct tests that validate a car’s ability to navigate safely in daily traffic.

Even as computer vision in self-driving cars is anticipated to revolutionize mobility services, the possibility of fatal accidents remains prominent. While establishing continuous R&D in automotive applications, companies in the artificial intelligence market are tapping into incremental opportunities in retail applications such as the Amazon Go checkout-free self-service retail stores.

Network Monitoring, Data-driven Decisions Help Stakeholders to Unlock Growth via Telecoms

Data-driven decisions and maintenance are being achieved with AI in the telecommunications sector. Companies in the artificial intelligence market are unlocking revenue opportunities in the ever-increasing and ever-evolving telecom sector by helping business leaders take data-driven decisions. AI is benefitting telecom operators to improve and optimize their network and infrastructure. This technology allows telecom companies to support monitoring of equipment, which prevents power outages and network disruptions that ensure productivity of employees.

AI employed with machine learning (ML) has made it easier to implement algorithms that can detect and respond to fraudulent activities in the telecom network. Such trends are contributing toward growth and expansion of the global artificial intelligence market.

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Analysts’ Viewpoint

AI techniques are being employed to provide monitoring of patients in clinical settings during the coronavirus pandemic and determine an efficacious course of treatment to improve medical outcomes. The artificial intelligence market is expected to surpass the revenue of US$ 2.8 Bn by the end of 2030, owing to its vast number of applications in virtually all end-use cases. However, limitations of computer vision in autonomous cars are potentially inhibiting market growth. Hence, companies should employ computer vision in the agriculture sector to develop agricultural robots that benefit in soil and weather monitoring. AI is enabling verifications and compliance in telecoms to understand the difference between normal and faulty trends, and investigate anomalies by analyzing data.

Artificial Intelligence Market: Overview

  • The latest research report published by Transparency Market Research pertains to the global artificial intelligence market for the historical period 20182019 and the forecast period 20202030
  • Advancements in deep learning and deep neural networks are expected to drive the global artificial intelligence market during the forecast period. Growing need for smart machines is significantly driving the adoption of artificial intelligence platforms worldwide. Most companies are shifting toward smart machines, which are capable of learning on their own and improving their performance over time. Moreover, companies are continuously seeking technology that helps machines identify real-time incidences and give predictions accordingly to minimize human error and save time. This, in turn, is anticipated to propel the artificial intelligence market during the forecast period.
  • The outbreak of COVID-19 has created a disastrous situation all over the world. Incidence of COVID-19 is rapidly increasing, which has propelled the adoption of artificial intelligence that can be deployed effectively to track the disease in order to manage its spread. Additionally, the artificial intelligence model has been applied to predict and analyze the growth of the potential threat in countries across the world. The whole world is putting incredible efforts in terms of finance, data sources, infrastructure, life-risk treatments, and protective gear to fight the spread of coronavirus. Artificial intelligence plays a pivotal role in understanding the prediction of future reachability of COVID-19 across nations by utilizing real-time information.
  • In terms of revenue, the global artificial intelligence market is projected to exceed value of US$ 2.8 Trn by 2030, expanding at a CAGR of ~29% during the forecast period

Expanding Application Base of Artificial Intelligence Solutions: Key Driver of Market

  • With growing advancements in Big Data analytics, the widening application base of artificial intelligence solutions can be seen as a major factor driving the market. Majority of applications of artificial intelligence is observed across sectors such as healthcare, BFSI, eCommerce, and retail.
  • In the healthcare sector, artificial intelligence solutions are being utilized for different purposes such as medical imaging, electronic medical records (EMRs), assisted diagnosis and treatment, disease risk prediction, medical data processing and analysis, and drug discovery. In banking and finance, artificial intelligence systems are used to ensure minimum risk by identifying all the potential threats through the extensive analysis of historical and existing data or information.
  • Similarly, the notifiable demand for artificial solutions can also be seen across the eCommerce sector to provide virtual assistance to online customers. Purchases subsequent to personalization and product recommendations are an important revenue generator for all eCommerce companies such as Amazon and Flipkart.
  • The widening application base of artificial intelligence solutions is encouraging enterprises across the world to increase their IT spending across sectors, including healthcare, finance, and eCommerce, among others. The driver is anticipated to have a high impact in the short- and mid-term of the forecast period.

Internet of Things (IoT) Plays Key Role in Driving Artificial Intelligence Market

  • Internet of Things (IoT) is generally a network of objects or machines connected through the Internet. These connected machines can sense their external or internal environment to communicate with each other and send critical information to make desired changes to their environment or respond accordingly.
  • For instance, various manufacturing factories are managing their entire production processes automatically through IoT. Similarly, through IoT, schools are able to collect various informative data from facilities and hospitals are able to regulate and monitor the health conditions of their patients.
  • Rapid expansion of sensors and devices connected to IoT will lead to equal emphasis on producing valuable insights to address new business risks and opportunities, which will boost the demand for artificial intelligence. For instance, according to the Cisco Internet Report, total devices connected to the Internet stood at 18.4 billion in 2018, which is projected to reach 29.3 billion by 2023, thereby enabling effective information/data collection.
  • IoT is expected to hold huge opportunity for the artificial intelligence market in terms of different new developments such as smart homes, smart cars, and smart cities

Artificial Intelligence Market: Competition Landscape

  • Detailed profiles of providers of artificial intelligence have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global artificial intelligence market are
    • Amazon Web Services (AWS)
    • Brighterion, Inc.
    • eGain Corporation
    • Google, Inc.
    • IBM Corporation
    • Intel Corporation
    • IntelliResponse Systems Inc.
    • Micron Technology
    • Microsoft Corporation
    • MicroStrategy, Inc.
    • Next IT Corporation
    • Nuance Communications
    • Nvidia Corporation
    • Oracle Corporation
    • QlikTech International AB
    • Samsung Electronics
    • SAP SE
    • Xilinx, Inc.

Artificial Intelligence Market: Key Developments

  • Key providers of artificial intelligence, such as Amazon Web Services (AWS), IBM Corporation, Microsoft Corporation, and SAP SE are focusing on the development of artificial intelligence software to attract more customers. Additionally, players active in providing artificial intelligence are focusing on various strategic acquisitions and partnerships in order to strengthen their position in the global artificial intelligence market, so as to improve their offerings and reach in the market.
  • Major players are also focusing on R&D to further strengthen their market presence globally in order to provide artificial intelligence software and services. Majority of these companies are headquartered in North America and Europe. Some other key developments in the global artificial intelligence market are highlighted below:
    • In January 2021, introduced H2O AI Hybrid Cloud, an end-to-end AI platform that helps enterprises to build and use AI applications and models
    • In November 2020, Intel Corporation acquired, an Israeli company that develops and operates a platform for data scientists to build and run machine learning models, to boost artificial intelligence business
    • In October 2020, Google LLC entered into collaboration with Sabre Corporation to develop Sabre Travel AI, an artificial Intelligence (AI)-driven technology platform for travel
    • In February 2019, Accenture Plc entered into partnership with Splice Machine Inc., a provider of platforms for operational artificial intelligence (AI). Through this partnership, the company is expected to deliver better customer experiences and business outcomes by implementing an AI-fueled platform that can manage large data transformation.
    • In September 2019, Ayasdi AI LLC introduced Ayasdi AML, an artificial intelligence based anti-money laundering (AML) solution to increase detection accuracy and reduce investigative volumes
  • In the global artificial intelligence market report, we have discussed individual strategies, followed by company profiles of providers of artificial intelligence. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global artificial intelligence market.

Artificial Intelligence Market – Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global artificial intelligence market to accurately gauge its potential future development. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for the future growth of the artificial intelligence market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the artificial intelligence market is expected to progress during the forecast period of 2020-2030.

The report offers intricate dynamics about different aspects of the artificial intelligence market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the artificial intelligence market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the artificial intelligence market, and estimates statistics related to the market progress in terms of value (US$ Bn).

The study covers a detailed segmentation of the artificial intelligence market, along with country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the artificial intelligence market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Artificial Intelligence Market

The report provides detailed information about the artificial intelligence market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the artificial intelligence market, so as to help them make successful strategies and take target-driven decisions.

  • Which regions will continue to remain the most profitable markets for artificial intelligence market players?
  • Which factors will induce a change in demand for artificial intelligence during the assessment period?
  • How will changing trends impact the artificial intelligence market?
  • How will COVID-19 impact the artificial intelligence market?
  • How can market players capture low-hanging opportunities in the artificial intelligence market in developed regions?
  • Which companies are leading the artificial intelligence market?
  • What are the winning strategies of stakeholders in the artificial intelligence market to upscale their position in this landscape?
  • What will be the Y-o-Y growth of the artificial intelligence market between 2020 and 2030?
  • What are the winning imperatives of market frontrunners in the artificial intelligence market?

Research Methodology – Artificial Intelligence Market

The research methodology adopted by analysts to compile the artificial intelligence market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the artificial intelligence market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the artificial intelligence market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the artificial intelligence market.

Artificial Intelligence Market – Segmentation

TMR’s research study assesses the artificial intelligence market on the basis of component, application, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the artificial intelligence market.

  • Hardware
    • AI Chipsets
    • Memory Units
    • Storage Devices
    • Sensors
  • Software
    • AI Platforms
    • ML Tools
    • NLP Tools
    • Others
  • Services
    • Professional
      • System Integration & Deployment
      • AI Technology Consulting
      • Support & Maintenance
    • Managed
  • Virtual Assistants/Chatbots
  • Forecasts & Modelling
  • Text Analytics
  • Speech Analytics
  • Computer Vision
  • Predictive Maintenance
  • Others
End User
  • BFSI
  • IT & Telecom
  • Manufacturing
  • Retail & eCommerce
  • Healthcare
  • Government
  • Energy & Utilities
  • Media & Entertainment
  • Others
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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Artificial Intelligence Market

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